EWING, N.J.--(BUSINESS WIRE)--
Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today reported financial results for the third quarter ended September 30, 2019.
“We are pleased to report another quarter of solid results,” said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display. “During the quarter, OLED activity continued to gain strength on a global scale. As a result, we are raising our 2019 revenue guidance and believe that we are well on track to deliver record revenues and earnings for the year, and expect this strength to continue into 2020.”
Rosenblatt continued, “We believe that the proliferation of OLEDs across the consumer electronics spectrum is fueling a tremendous multi-year capex cycle. As panel makers continue to shift more of their focus to OLEDs as the future of displays, we are seeing a corresponding increase in OLED investment momentum. Based on our current forecasts and industry data, we believe market growth will continue and estimate that the installed capacity base of OLEDs at the end of 2021, as measured in square meters, will increase by approximately 50% over the installed capacity base at the end of 2019.”
Financial Highlights for the Third Quarter of 2019
Effective January 1, 2018, we adopted ASC Topic 606 using the “modified retrospective” approach, meaning the standard was applied only to the financial results commencing with the first quarter of 2018 with a cumulative adjustment to retained earnings. Under this transition method, we applied the standard only to contracts that were not complete at the initial adoption date. Material sales and cost of material sales referenced below relate solely to OLED activity and exclude activity from contract research services.
-
Total revenue in the third quarter of 2019 was $97.5 million as compared to $77.6 million in the third quarter of 2018. On the basis of ASC Topic 605 (the applicable accounting standard prior to the adoption of ASC Topic 606), total revenue in the third quarter of 2019 would have been $97.7 million, compared to $91.6 million in the third quarter of 2018. Under ASC Topic 606, license fee revenue is recognized on a per gram sales basis, whereas under ASC Topic 605, revenue was recognized for license payments upon receipt or on a straight-line basis over the term of the contract. As we disclosed in last quarter’s earnings release, we believe that during the second quarter of 2019, certain of our customers located in China accelerated emitter purchases to mitigate the impact from potential U.S. and China trade-related issues. We estimated that these pre-purchases increased revenue by $15 million to $20 million in the second quarter, pulled in from the second half of 2019.
-
Revenue from material sales was $51.8 million in the third quarter of 2019 as compared to $51.2 million in the third quarter of 2018. On an ASC Topic 605 basis, revenue from material sales in the third quarter of 2019 would have been $58.3 million, compared to $51.7 million in the third quarter of 2018.
-
Revenue from royalty and license fees was $43.0 million in the third quarter of 2019 as compared to $23.3 million in the third quarter of 2018. On an ASC Topic 605 basis, revenue from royalty and license fees in the third quarter of 2019 would have been $36.7 million as compared to $37.0 million in the third quarter of 2018.
-
Cost of materials was $15.2 million in the third quarter of 2019, compared to $13.8 million in the third quarter of 2018.
-
Operating income was $40.8 million in the third quarter of 2019 compared to $26.0 million in the third quarter of 2018. On an ASC Topic 605 basis, operating income in the third quarter of 2019 would have been $41.0 million, compared to $40.1 million in the third quarter of 2018.
-
Net income was $37.0 million or $0.78 per diluted share in the third quarter of 2019 compared to $22.8 million or $0.48 per diluted share in the third quarter of 2018. On an ASC Topic 605 basis, net income in the third quarter of 2019 would have been $37.1 million or $0.78 per diluted share, compared to $34.2 million or $0.72 per diluted share in the third quarter of 2018.
Revenue Comparison
|
(in thousands)
|
|
Three Months Ended September 30,
|
|
|
|
2019
|
|
|
2018
|
|
Material sales
|
|
$
|
51,837
|
|
|
$
|
51,242
|
|
Royalty and license fees
|
|
|
43,015
|
|
|
|
23,325
|
|
Contract research services
|
|
|
2,663
|
|
|
|
2,983
|
|
Total revenue
|
|
$
|
97,515
|
|
|
$
|
77,550
|
Cost of Materials Comparison
|
(in thousands)
|
|
Three Months Ended September 30,
|
|
|
|
2019
|
|
|
2018
|
|
Material sales
|
|
$
|
51,837
|
|
|
$
|
51,242
|
|
Cost of material sales
|
|
|
15,245
|
|
|
|
13,808
|
|
Gross margin on material sales
|
|
|
36,592
|
|
|
|
37,434
|
|
Gross margin as a % of material sales
|
|
|
71%
|
|
|
|
73%
|
Topic 606 versus 605 Adjusted Results
|
For the three months ended September 30, 2019 (in thousands)
|
|
As reported
|
|
|
Adjustment
|
|
|
Balances without
adoption of Topic
606
|
|
Revenue
|
|
$
|
97,515
|
|
|
$
|
183
|
|
|
$
|
97,698
|
|
Gross margin
|
|
|
80,229
|
|
|
|
183
|
|
|
|
80,412
|
|
Operating income
|
|
|
40,830
|
|
|
|
183
|
|
|
|
41,013
|
|
Net income
|
|
|
36,962
|
|
|
|
144
|
|
|
|
37,106
|
|
Diluted earnings per share
|
|
$
|
0.78
|
|
|
$
|
-
|
|
|
$
|
0.78
|
|
|
|
|
|
|
|
|
|
|
For the three months ended September 30, 2018 (in thousands)
|
|
As reported
|
|
|
Adjustment
|
|
|
Balances without
adoption of Topic
606
|
|
Revenue
|
|
$
|
77,550
|
|
|
$
|
14,054
|
|
|
$
|
91,604
|
|
Gross margin
|
|
|
61,427
|
|
|
|
14,054
|
|
|
|
75,481
|
|
Operating income
|
|
|
26,032
|
|
|
|
14,054
|
|
|
|
40,086
|
|
Net income
|
|
|
22,818
|
|
|
|
11,384
|
|
|
|
34,202
|
|
Diluted earnings per share
|
|
$
|
0.48
|
|
|
$
|
0.24
|
|
|
$
|
0.72
|
Financial Highlights for the First Nine Months of 2019
-
Total revenue in the first nine months of 2019 was $303.4 million as compared to $177.3 million in the first nine months of 2018. On the basis of ASC Topic 605 (the applicable accounting standard prior to the adoption of ASC Topic 606), total revenue in the first nine months of 2019 would have been $319.1 million, compared to $233.4 million in the first nine months of 2018. Under ASC Topic 606, license fee revenue is recognized on a per gram sales basis, whereas under ASC Topic 605, revenue was recognized for license payments upon receipt or on a straight-line basis over the term of the contract. As we disclosed in last quarter’s earnings release, we believe that during the second quarter of 2019, certain of our customers located in China accelerated emitter purchases to mitigate the impact from potential U.S. and China trade-related issues. We estimated that these pre-purchases increased revenue by $15 million to $20 million in the second quarter, pulled in from the second half of 2019.
-
Revenue from material sales was $182.7 million in the first nine months of 2019 as compared to $113.3 million in the first nine months of 2018. On an ASC Topic 605 basis, revenue from material sales in the first nine months of 2019 would have been $193.9 million, compared to $116.3 million in the first nine months of 2018.
-
Revenue from royalty and license fees was $112.2 million in the first nine months of 2019 as compared to $54.8 million in the first nine months of 2018. On an ASC Topic 605 basis, revenue from royalty and license fees in the first nine months of 2019 would have been $116.6 million as compared to $108.0 million in the first nine months of 2018.
-
Cost of materials was $50.2 million in the first nine months of 2019, compared to $28.8 million in the first nine months of 2018. Included in the cost of materials was an inventory reserve charge of $4.2 million in the first nine months of 2019, compared to $1.0 million in the first nine months of 2018.
-
Operating income was $123.9 million in the first nine months of 2019, compared to $41.5 million in the first nine months of 2018. On an ASC Topic 605 basis, operating income in the first nine months of 2019 would have been $139.5 million, compared to $97.6 million in the first nine months of 2018.
-
Net income was $111.9 million or $2.36 per diluted share in the first nine months of 2019 compared to $39.6 million or $0.83 per diluted share in the first nine months of 2018. On an ASC Topic 605 basis, net income in the first nine months of 2019 would have been $124.4 million or $2.63 per diluted share, compared to $85.2 million or $1.80 per diluted share in the first nine months of 2018.
Revenue Comparison
|
(in thousands)
|
|
Nine Months Ended September 30,
|
|
|
|
2019
|
|
|
2018
|
|
Material sales
|
|
$
|
182,661
|
|
|
$
|
113,325
|
|
Royalty and license fees
|
|
|
112,222
|
|
|
|
54,758
|
|
Contract research services
|
|
|
8,565
|
|
|
|
9,188
|
|
Total revenue
|
|
$
|
303,448
|
|
|
$
|
177,271
|
Cost of Materials Comparison
|
(in thousands)
|
|
Nine Months Ended September 30,
|
|
|
|
2019
|
|
|
2018
|
|
Material sales
|
|
$
|
182,661
|
|
|
$
|
113,325
|
|
Cost of material sales
|
|
|
50,201
|
|
|
|
28,782
|
|
Gross margin on material sales
|
|
|
132,460
|
|
|
|
84,543
|
|
Gross margin as a % of material sales
|
|
|
73%
|
|
|
|
75%
|
Topic 606 versus 605 Adjusted Results
|
For the nine months ended September 30, 2019 (in thousands)
|
|
As reported
|
|
|
Adjustment
|
|
|
Balances without
adoption of Topic
606
|
|
Revenue
|
|
$
|
303,448
|
|
|
$
|
15,628
|
|
|
$
|
319,076
|
|
Gross margin
|
|
|
246,276
|
|
|
|
15,628
|
|
|
|
261,904
|
|
Operating income
|
|
|
123,854
|
|
|
|
15,628
|
|
|
|
139,482
|
|
Net income
|
|
|
111,876
|
|
|
|
12,518
|
|
|
|
124,394
|
|
Diluted earnings per share
|
|
$
|
2.36
|
|
|
$
|
0.27
|
|
|
$
|
2.63
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended September 30, 2018 (in thousands)
|
|
As reported
|
|
|
Adjustment
|
|
|
Balances without
adoption of Topic
606
|
|
Revenue
|
|
$
|
177,271
|
|
|
$
|
56,177
|
|
|
$
|
233,448
|
|
Gross margin
|
|
|
142,055
|
|
|
|
56,177
|
|
|
|
198,232
|
|
Operating income
|
|
|
41,462
|
|
|
|
56,177
|
|
|
|
97,639
|
|
Net income
|
|
|
39,591
|
|
|
|
45,643
|
|
|
|
85,234
|
|
Diluted earnings per share
|
|
$
|
0.83
|
|
|
$
|
0.97
|
|
|
$
|
1.80
|
2019 Revised Guidance
Although the OLED industry is still at an early state where many variables can have a material impact on its growth, and the Company thus caveats its financial guidance accordingly, the Company now believes that its 2019 revenue will be approximately in the range of $400 million to $410 million. The guidance was prepared utilizing accounting standard ASC Topic 606; under the prior accounting standard ASC Topic 605, the Company estimates that its 2019 revenues would be approximately $435 million to $440 million.
Dividend
The Company also announced a fourth quarter cash dividend of $0.10 per share on the Company’s common stock. The dividend is payable December 31, 2019 to all shareholders of record on December 13, 2019.
Conference Call Information
In conjunction with this release, Universal Display will host a conference call on Wednesday, October 30, 2019 at 5:00 p.m. Eastern Time. The live webcast of the conference call can be accessed under the events page of the Company's Investor Relations website at ir.oled.com. Those wishing to participate in the live call should dial 1-877-524-8416 (toll-free) or 1-412-902-1028. Please dial in 5-10 minutes prior to the scheduled conference call time. An online archive of the webcast will be available within two hours of the conclusion of the call.
About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of low power and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training.
Headquartered in Ewing, New Jersey, with international offices in China, Hong Kong, Ireland, Japan, South Korea and Taiwan, and wholly-owned subsidiary Adesis, Inc. based in New Castle, Delaware, Universal Display works and partners with a network of world-class organizations. To learn more about Universal Display Corporation, please visit https://oled.com/.
Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.
All statements in this document that are not historical, such as those relating to Universal Display Corporation’s technologies and potential applications of those technologies, the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2018. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
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(OLED-C)
|
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
|
|
CONSOLIDATED BALANCE SHEETS
|
|
(UNAUDITED)
|
|
(in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
September 30, 2019
|
|
|
December 31, 2018
|
|
ASSETS
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
235,541
|
|
|
$
|
211,022
|
|
Short-term investments
|
|
|
361,515
|
|
|
|
304,323
|
|
Accounts receivable
|
|
|
65,774
|
|
|
|
43,129
|
|
Inventory
|
|
|
57,771
|
|
|
|
70,000
|
|
Other current assets
|
|
|
10,415
|
|
|
|
6,366
|
|
Total current assets
|
|
|
731,016
|
|
|
|
634,840
|
|
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $53,900 and $44,943
|
|
|
86,266
|
|
|
|
69,739
|
|
ACQUIRED TECHNOLOGY, net of accumulated amortization of $127,323 and $111,890
|
|
|
95,919
|
|
|
|
110,951
|
|
OTHER INTANGIBLE ASSETS, net of accumulated amortization of $4,420 and $3,384
|
|
|
12,420
|
|
|
|
13,456
|
|
GOODWILL
|
|
|
15,535
|
|
|
|
15,535
|
|
INVESTMENTS
|
|
|
5,000
|
|
|
|
—
|
|
DEFERRED INCOME TAXES
|
|
|
26,437
|
|
|
|
24,377
|
|
OTHER ASSETS
|
|
|
89,957
|
|
|
|
64,526
|
|
TOTAL ASSETS
|
|
$
|
1,062,550
|
|
|
$
|
933,424
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
9,217
|
|
|
$
|
10,532
|
|
Accrued expenses
|
|
|
35,360
|
|
|
|
36,057
|
|
Deferred revenue
|
|
|
91,188
|
|
|
|
80,782
|
|
Other current liabilities
|
|
|
12,627
|
|
|
|
5,811
|
|
Total current liabilities
|
|
|
148,392
|
|
|
|
133,182
|
|
DEFERRED REVENUE
|
|
|
50,495
|
|
|
|
41,785
|
|
RETIREMENT PLAN BENEFIT LIABILITY
|
|
|
46,007
|
|
|
|
44,055
|
|
OTHER LIABILITIES
|
|
|
31,089
|
|
|
|
23,896
|
|
Total liabilities
|
|
|
275,983
|
|
|
|
242,918
|
|
SHAREHOLDERS’ EQUITY:
|
|
|
|
|
|
|
|
|
Preferred Stock, par value $0.01 per share, 5,000,000 shares authorized, 200,000 shares of Series A Nonconvertible Preferred Stock issued and outstanding (liquidation value of $7.50 per share or $1,500)
|
|
|
2
|
|
|
|
2
|
|
Common Stock, par value $0.01 per share, 200,000,000 shares authorized, 48,847,733 and 48,681,524 shares issued, and 47,482,085 and 47,319,887 shares outstanding, at September 30, 2019 and December 31, 2018, respectively
|
|
|
488
|
|
|
|
487
|
|
Additional paid-in capital
|
|
|
614,194
|
|
|
|
617,334
|
|
Retained earnings
|
|
|
227,286
|
|
|
|
129,552
|
|
Accumulated other comprehensive loss
|
|
|
(14,119)
|
|
|
|
(16,234)
|
|
Treasury stock, at cost (1,365,648 and 1,361,637 shares at September 30, 2019 and December 31, 2018, respectively)
|
|
|
(41,284)
|
|
|
|
(40,635)
|
|
Total shareholders’ equity
|
|
|
786,567
|
|
|
|
690,506
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
$
|
1,062,550
|
|
|
$
|
933,424
|
|
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF INCOME
|
|
(UNAUDITED)
|
|
(in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
REVENUE
|
|
$
|
97,515
|
|
|
$
|
77,550
|
|
|
$
|
303,448
|
|
|
$
|
177,271
|
|
COST OF SALES
|
|
|
17,286
|
|
|
|
16,123
|
|
|
|
57,172
|
|
|
|
35,216
|
|
Gross margin
|
|
|
80,229
|
|
|
|
61,427
|
|
|
|
246,276
|
|
|
|
142,055
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
16,787
|
|
|
|
13,616
|
|
|
|
51,449
|
|
|
|
38,922
|
|
Selling, general and administrative
|
|
|
12,623
|
|
|
|
12,120
|
|
|
|
40,531
|
|
|
|
34,473
|
|
Amortization of acquired technology and other intangible assets
|
|
|
5,493
|
|
|
|
5,493
|
|
|
|
16,469
|
|
|
|
16,479
|
|
Patent costs
|
|
|
1,659
|
|
|
|
1,937
|
|
|
|
5,145
|
|
|
|
5,691
|
|
Royalty and license expense
|
|
|
2,837
|
|
|
|
2,229
|
|
|
|
8,828
|
|
|
|
5,028
|
|
Total operating expenses
|
|
|
39,399
|
|
|
|
35,395
|
|
|
|
122,422
|
|
|
|
100,593
|
|
OPERATING INCOME
|
|
|
40,830
|
|
|
|
26,032
|
|
|
|
123,854
|
|
|
|
41,462
|
|
Interest income, net
|
|
|
2,748
|
|
|
|
2,118
|
|
|
|
8,336
|
|
|
|
5,155
|
|
Other income (expense), net
|
|
|
53
|
|
|
|
(7)
|
|
|
|
740
|
|
|
|
(66)
|
|
Interest and other income, net
|
|
|
2,801
|
|
|
|
2,111
|
|
|
|
9,076
|
|
|
|
5,089
|
|
INCOME BEFORE INCOME TAXES
|
|
|
43,631
|
|
|
|
28,143
|
|
|
|
132,930
|
|
|
|
46,551
|
|
INCOME TAX EXPENSE
|
|
|
(6,669)
|
|
|
|
(5,325)
|
|
|
|
(21,054)
|
|
|
|
(6,960)
|
|
NET INCOME
|
|
$
|
36,962
|
|
|
$
|
22,818
|
|
|
$
|
111,876
|
|
|
$
|
39,591
|
|
NET INCOME PER COMMON SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
$
|
0.78
|
|
|
$
|
0.48
|
|
|
$
|
2.36
|
|
|
$
|
0.83
|
|
DILUTED
|
|
$
|
0.78
|
|
|
$
|
0.48
|
|
|
$
|
2.36
|
|
|
$
|
0.83
|
|
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
46,980,439
|
|
|
|
46,869,998
|
|
|
|
46,947,109
|
|
|
|
46,841,036
|
|
DILUTED
|
|
|
47,013,919
|
|
|
|
46,914,553
|
|
|
|
46,983,901
|
|
|
|
46,893,768
|
|
CASH DIVIDENDS DECLARED PER COMMON SHARE
|
|
$
|
0.10
|
|
|
$
|
0.06
|
|
|
$
|
0.30
|
|
|
$
|
0.18
|
|
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(UNAUDITED)
|
|
(in thousands)
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
2019
|
|
|
2018
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
111,876
|
|
|
$
|
39,591
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
Amortization of deferred revenue and recognition of unbilled receivables
|
|
|
(101,079)
|
|
|
|
(52,325)
|
|
Depreciation
|
|
|
8,958
|
|
|
|
6,094
|
|
Amortization of intangibles
|
|
|
16,469
|
|
|
|
16,479
|
|
Change in excess inventory reserve
|
|
|
4,155
|
|
|
|
1,045
|
|
Amortization of premium and discount on investments, net
|
|
|
(4,528)
|
|
|
|
(4,191)
|
|
Stock-based compensation to employees
|
|
|
10,697
|
|
|
|
9,697
|
|
Stock-based compensation to Board of Directors and Scientific Advisory Board
|
|
|
1,126
|
|
|
|
3,234
|
|
Deferred income tax (benefit) expense
|
|
|
(2,633)
|
|
|
|
15,820
|
|
Retirement plan expense
|
|
|
4,379
|
|
|
|
3,378
|
|
Decrease (increase) in assets:
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(22,645)
|
|
|
|
9,148
|
|
Inventory
|
|
|
8,074
|
|
|
|
(33,811)
|
|
Other current assets
|
|
|
(4,602)
|
|
|
|
(116)
|
|
Other assets
|
|
|
(10,259)
|
|
|
|
(37,769)
|
|
Increase (decrease) in liabilities:
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
|
(1,827)
|
|
|
|
439
|
|
Other current liabilities
|
|
|
5,587
|
|
|
|
(34)
|
|
Deferred revenue
|
|
|
113,849
|
|
|
|
99,940
|
|
Other liabilities
|
|
|
149
|
|
|
|
18,337
|
|
Net cash provided by operating activities
|
|
|
137,746
|
|
|
|
94,956
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
(25,317)
|
|
|
|
(20,925)
|
|
Purchases of intangibles
|
|
|
(401)
|
|
|
|
—
|
|
Purchases of investments
|
|
|
(648,006)
|
|
|
|
(500,985)
|
|
Proceeds from sale of investments
|
|
|
590,550
|
|
|
|
415,697
|
|
Net cash used in investing activities
|
|
|
(83,174)
|
|
|
|
(106,213)
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock
|
|
|
658
|
|
|
|
616
|
|
Repurchase of common stock
|
|
|
(649)
|
|
|
|
(477)
|
|
Payment of withholding taxes related to stock-based compensation to employees
|
|
|
(15,920)
|
|
|
|
(11,598)
|
|
Cash dividends paid
|
|
|
(14,142)
|
|
|
|
(8,486)
|
|
Net cash used in financing activities
|
|
|
(30,053)
|
|
|
|
(19,945)
|
|
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
|
24,519
|
|
|
|
(31,202)
|
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
|
|
211,022
|
|
|
|
132,840
|
|
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
|
$
|
235,541
|
|
|
$
|
101,638
|
|
The following non-cash activities occurred:
|
|
|
|
|
|
|
|
|
Unrealized gain on available-for-sale securities
|
|
$
|
227
|
|
|
$
|
274
|
|
Common stock issued to Board of Directors and Scientific Advisory Board that was earned and accrued for in a previous period
|
|
|
300
|
|
|
|
300
|
|
Net change in accounts payable and accrued expenses related to purchases of property and equipment
|
|
|
(168)
|
|
|
|
3,814
|
View source version on businesswire.com:
https://www.businesswire.com/news/home/20191030006015/en/
Universal Display
Darice Liu
investor@oled.com
media@oled.com
+1 609-964-5123
Source: Universal Display Corporation